Electronic Will Act
Effective August 1, 2023, the Uniform Electronic Wills Act (Act) has been adopted by State of Minnesota. This Act has significant ramifications for Minnesotans seeking to adopt an estate plan. Prior to the adoption, Minnesota required a physical signature for a Will to be valid. Although for the past decade or so, many legal and financial documents were considered valid when signed or notarized electronically, the execution of a Will was the exception, until now. The new law authorizes the creation, witnessing and notarization of wills electronically. The Act defines an Electronic Will as “a will or codicil that (i)... Read More
You Have Inherited Farmland. Now What?
Inheriting farmland can be more complicated than simply receiving the title to the real estate. Inherited farmland can take many forms including from a lifetime gift, or estate, or a trust. Considerations may differ depending on whether you have inherited farmland outright or in and entity such as a Trust, Corporation, or LLC. Although Minnesota has no inheritance tax, the farmland in a Trust or Estate may be subject to an Estate Tax or Gift Tax depending on how it was received. Additionally, whether the land can be designated as Homestead will determine your real estate tax obligations. You... Read More